In
accordance with section 1-2-6 of RDA Ordinance 1 of 1999 of the Redevelopment
Agency of Riverdale City, Utah, the following lending parameters and
criteria are hereby adopted as loan policy:

Targeted
Area Property Improvement
Purchase Assistance Program "R-2" For the Improvement and/or Purchase of Owner Occupied Residential Real Properties located in an R-2 Zone that are converted from existing two-family to single-family dwellings in perpetuity by recorded agreement.

Due in full upon the sale, transfer of ownership, or change of use of the property.

Interest Rate

No Interest
0.00% APR

Purchase
Assistance

$5,000

Purchase Assistance Repayment
Requirements
all owners

Less than 5 years documented resident ownership

100%

Due
in full upon the sale, transfer of ownership, or change of use
of the property.

5 years but less than 10 years of documented resident ownership

50%

Over 10 years of documented resident
ownership

0%

Secured
by

1st,
2nd, or 3rd mortgage

Fees
and Closing Costs

All
actual 3rd party costs incurred by the RDA related to loan processing,
document preparation, loan closing and recording will be charged
to the borrower(s) and will be financed as part of the assistance proceeds.

In
accordance with Section 1-2-3 (a)(13), and Section 1-2-3 (a)(16) of
RDA Ordinance 1 of 1999 of the Redevelopment Agency of Riverdale City,
Utah, the following rehabilitation standards and property improvements
are hereby adopted as policy:

All rehabilitation
work shall be completed by the property owner, or his/her
contractor, in such a manner as is consistent with existing
standards of workmanship required for such work to be completed
and as is called for in the existing Riverdale City codes,
or any higher standard adopted by the RDA.

All rehabilitation
work shall enhance usefulness, fire resistance, durability,
and safety, so that the property is satisfactory and safe
to occupy and is not conducive to ill health, transmission
of disease, infant mortality, juvenile delinquency or crime
because of any one or more of the following factors:
1. Defective design and character of physical construction;
2. Faulty interior arrangement and exterior spacing;
3. Inadequate provisions for ventilation, lighting, and sanitation;
4. Age, obsolescence, deterioration, dilapidation, mixed character,
or shifting of uses.

Property
Improvements

Property
improvements shall include all those items which are necessary
for a residence to meet the rehabilitation standards and may
include, but are not limited to, the following structural
or system work:
1. Roofing systems;
2. Plumbing system, including water heater and fixtures;
3. Heating and cooling systems, (HAVC);
4. Electrical systems
5. Disability enhancements such as ramps, rails, and doorways

RDA
Housing Program
Household Income Guidelines*

Family
Size
(# of Persons in Household)

1

2

3

4

5

6

7

8

Median(100%
of Median)

$50,000

$57,100

$64,200

$71,300

$77,100

$82,800

$88,500

$94,200

Low(80%
of Median)

$39,950

$45,650

$51,350

$57,050

$61,650

$66,200

$70,750

$75,350

Very Low(50%
of Median)

$25,000

$28,550

$32,100

$35,650

$38,550

$41,400

$44,250

$47,100

(70% of Base)

(80% of Base)

(90% of Base)

BASE

(108% of Base)

(116% of Base)

(124% of Base)

(132% of Base)

*Source:
HUD FY 2014 guidelines Ogden-Clearfield, UT MSA.
Note: For each household member in excess of eight, 8% of the four-person
base should be added to the eight-person income limit, e.g nine-person-family
is 140% of base (132% + 8%)